WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS AND OVERDRAFT FEES
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We offer overdraft protection plans, such as a link to another account or a cash advance, which may be less costly than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
- What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions without your consent.
- ATM transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
- What fees will I be charged if Members 1st Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $15 each time we pay an overdraft
- We will not charge you a fee for everyday debit card transactions that cause an overdraft if your account is overdrawn by $10 or less on any given day
- We will not charge you a fee if the item presented is $10 or less
- There is a limit of 3 Courtesy Pay Fees and 3 NSF fees per day we will charge you for overdrawing your account
- What if I want Members 1st Credit Union to authorize and pay overdrafts on my ATM and everyday debit card transactions?
If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (800) 303-3838, visit our website at www.m1cu.org, complete the form below and present it at a branch or mail it to: P.O. Box 492395 Redding CA 96049. You can revoke your authorization for Members 1st Credit Union to pay these overdrafts at any time by any of the above methods. Your revocation must include both your name and your account number so that we can properly identify your account.